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Online Banking Agreement

Effective June 15, 2022

SCOPE OF AGREEMENT 
This Online Banking Agreement (“Agreement”) contains the terms and conditions that apply to the online and mobile banking services (“Online Banking” or “Services”) you receive from Ivy Bank. This Agreement describes the services that are available through Online Banking and provides important information about those services. Some of the features and functionality described in this Agreement may not be available on all devices. For example, some services may be available through a mobile device and not on a personal computer, or vice versa. In addition some features and functionality including, without limitation, Ivy Bank Mobile Deposit, personal financial management (“PFM”) software and eTransfers may be subject to additional terms and conditions which you will need to agree to prior to utilizing those services.  By requesting or using any of the Services or permitting someone else to use them on your behalf, you indicate your acknowledgement and acceptance of this Agreement, which is subject to change from time to time. 

When your Online Banking service is linked to a joint account, you acknowledge and agree that we may act on instructions, including the oral, written or electronic instructions, of any one account owner (or anyone authorized by any one account owner) regarding your Services or any transactions for those accounts. This means that any one joint owner may initiate transactions, conduct account maintenance or close any such joint accounts. Any notice sent to one joint owner is binding on all owners of the account. Each account owner on a joint account is liable for all transactions that are made or authorized by all other account owners. 

You should retain a copy of this Agreement for your files. You may also access the current version of this Agreement online at: ivybank.com/olbagreement, and you may print or store a copy from there for your records. 

DEFINITIONS 
In this Agreement the following definitions apply: 

  • “Bank,” “we,” “us” or “our” refers to Ivy Bank, a division of Cambridge Savings Bank.
  • “Business Day” means every day except Saturdays, Sundays and federal holidays.
  • “Personal Computer” means hardware, such as a desktop computer, laptop, tablet, a mobile phone or any similar type of device used to access your accounts at the Bank.
  • “You” or “your” refers to the person requesting, opening, accessing, transacting or using any of the Services.

IVY BANK DEPOSIT ACCOUNT REQUIREMENT 
You must have an Ivy Bank deposit account opened and in good standing to use the Services. You must be clearly authorized to access any accounts associated with the Services. This means that your name conspicuously appears in each associated account’s legal title, indicating your authority to deposit, withdraw, or exercise control over the account. Authorized accounts are those used for personal, family, or household purposes that are linked for use with the Services. The Services are not designed for business use. The Services and any associated accounts will also be governed by the agreements, disclosures, and other documents provided to you in connection with the opening of your account, as they may be amended from time to time. Such agreements include, but are not limited to the Ivy Bank Understanding Your Deposit Account booklet (“Deposit Agreement”) and the Ivy Bank Personal Account Fee Schedule (“Fee Schedule”), as each may be amended from time to time. In the event of a conflict between the terms of those account agreements and this Agreement, the terms of the applicable account agreement will prevail unless this Agreement specifically states otherwise. 

You should review those and any other account-related agreements for applicable fees, limitations on the number of transactions you can make, liability rules for electronic fund transfers and for other restrictions that might impact your use of an account with the Services. All applicable fees noted in the Fee Schedule as well as this Agreement or any other agreement shall apply. We may deduct such fees from any of your accounts. In addition to the fees set forth in our Fee Schedule, there may be other fees associated with performing certain transactions not owned or operated by Ivy Bank. These other fees are not assessed by us and will not be waived. If you have any questions about the information in these documents, please contact us via a means located at the end of this Agreement. 

SUBSCRIPTION TO THE SERVICES 
You authorize us to use third parties to provide the Services to you on our behalf. 

REQUIREMENTS FOR USE 
To access the Services, you will need a Personal Computer connected to the internet with a browser that supports 128-bit encryption (for an up-to-date list of acceptable browsers please contact us). You will need a username, a password and may need answers to secret questions selected by you to log on to the Services. 

By using the Services, you acknowledge that you will be sending financial and other data as well as electronic messages directly to the Bank through the internet and any personal financial management (“PFM”) software that is licensed to you through the Services. To the extent permitted by law, you agree that the Bank is not responsible for any security breaches of your Personal Computer, including the fraudulent retrieval of the Services, credentials obtained from viruses on your Personal Computer, the Internet or PFM software. If you are using a wireless internet connection, you must have adequate security to prevent unauthorized retrieval of confidential Services information. 

ONLINE BANKING – FEATURES AND FUNCTIONALITY 
The following features and functionality are available through Online Banking:

A. Account Access: You may designate up to 30 personal accounts for online access or viewing. These include your savings and certificate of deposit accounts. When you access your account, you may obtain balance and transaction information.

B. Transfers of Funds: In addition to viewing account information, you may use Online Banking to transfer funds to and from your other Ivy Bank savings accounts as well as your accounts at other financial institutions. You agree not to use the Services to transfer funds from your account to a third party. There are three types of transfers: Account Transfers, eTransfers and Wire Transfers.

  1. Account Transfer – You may make a one-time Account Transfer or schedule future or recurring Account Transfers. You may generally use Account Transfer to move funds among your savings accounts with us.
  2. eTransfer – eTransfer is an ancillary service that allows you to transfer money to or from your accounts with us and other accounts held by you at another U.S. financial institution – assuming, that the transfer is permitted by us, your financial institution and applicable law. In addition to the provisions of this section, you may be required to accept additional terms and conditions at the time of enrollment prior to using the eTransfer service.
  3. Wire Transfer – We may make forms available to you through Online Banking that allow you to apply to initiate domestic wire transfers to other accounts of yours at other institutions. You agree that we are not obligated to send any such wire transfer unless and until all of our security procedures have been met, including, without limitation, a call-back to you at the telephone number we have on file for you.

C. PFM Services: We offer a variety of tools and services within the Services to help you better manage your finances. This includes the ability to use third party software such as MX Money Management (which allows you to view information about certain accounts accessible through websites at other institutions where you maintain accounts, provided that you supply your credentials for those accounts and agree to the additional terms and conditions when you enroll in the service) and SavvyMoney (which allows you to view your credit score, provided that you agree to the additional terms and conditions when you enroll in the service). You agree that the information is provided for informational purposes only in order to generally help you better manage your finances. You also agree that you have the authority to provide the information to us and our service providers. We may change the PFM services offered through Online Banking at any time and without notice. You are responsible for the accuracy of information you input and the use of information retrieved.

D. Electronic Alerts: We provide automatic and voluntary alerts. We strongly recommend that you do not suppress these alerts as some are intended to provide added security to your service. We offer both Automatic Alerts and Voluntary Alerts as described below:

  1. Automatic Alerts are sent to you following certain changes made online to your Services, such as a change in your email address or login credentials. You do not need to activate these alerts.
  2. Voluntary Alerts must be activated by you and can allow you to receive alerts in the event certain balances or transactions are triggered, as set by you.

Because alerts are not encrypted, we will never include your identifying information such as username or account number. Likewise, we will never ask you to provide this type of information via an email or text. Alerts may include your name and some information about your accounts. Depending on which alerts are sent, information such as your account balance or the due date for a payment may be included. Anyone with access to your email or text may be able to view the contents of these alerts. 

Electronic Alerts will be sent to the address, email or text, you have provided as your primary address. If your address changes, you are solely responsible for notifying us of that change. We are not responsible for an alert not being delivered if you have not notified us of an address change or given us reasonable time to act on such a request. You understand and agree that your alerts may be delayed or prevented by a variety of factors. We do the best to provide alerts in a timely manner with accurate information. We neither guarantee the delivery nor the accuracy of the contents of any alert. You also agree that we shall not be liable for any delays, failure to deliver, or misdirected delivery of any alert; for any errors in the content of an alert or for any actions taken or not taken by you or any third party in reliance of an alert.

E. Stop Payment Instructions: The initiation by you of certain electronic fund transfers from your account will effectively eliminate your ability to stop payment of the transfer. Please refer to the “Electronic Funds Transfer Agreement Your Rights and Responsibilities” section of the Deposit Agreement for information regarding your ability to stop payment. You should contact us immediately if you believe you need to place a stop payment. In addition to the methods described for contacting us in the Deposit Agreement we may also make a stop payment form available to you within Online Banking which allows you to request that we stop payment on transactions processed through the Automated Clearing House network.

CUT-OFF TIMES 

Cut-off times may vary by the specific service within Online Banking. The cut-off time refers to the time by which you must transmit your transaction instructions to us through Online Banking for your transaction to be considered entered on that Business Day. Transaction instructions received after a designated cut-off time or on a non-Business Day will be deemed to have been transmitted to us on the next Business Day. The cut-off time for Online Banking Account Transfers between your authorized Ivy Bank accounts is 8:00 pm ET. Account Transfers occur immediately but may not appear in your account history until the next business day. The cut-off and delivery time for Online Banking eTransfers is disclosed within Online Banking prior to initiating eTransfers.

NEW SERVICES

You may be notified of new services being introduced through Online Banking from time to time. By using the services when they become available, you agree to be bound by the terms and conditions that will be made available to you concerning these services.

TRANSACTION LIMITS – There may be limits on the amount of money you can send through the Services. These limits may be adjusted by us from time to time in our sole discretion and may not be the same for each service offered. You can determine your limits by viewing them within the applicable Services or by contacting our Contact Center. There are also limits on the number of transfers you can make from your account each month, as more fully described in your Deposit Agreement. 

LIMITATION OF LIABILITY 

We will process and complete all Services which comply with the terms of this Agreement. Except as otherwise provided in this Agreement, if we do not complete such a transaction, we may be liable for any losses or direct damages you may suffer, provided, however, IN NO EVENT SHALL WE BE LIABLE FOR ANY INDIRECT, SPECIAL, EXEMPLARY, INCIDENTAL, PUNITIVE OR CONSEQUENTIAL DAMAGES OR LOST PROFITS, EVEN IF YOU ADVISE US OF THE POSSIBILITY OF SUCH DAMAGES OR LOSSES. In addition, we shall incur no liability if we are unable to complete any transaction initiated by you or on your behalf because of the existence of one or more of the following circumstances: 

  1. Through no fault of ours, your account does not contain sufficient available funds to complete the transaction. Transactions are based on available funds in accordance with our Funds Availability schedule found in the Deposit Agreement, which you received when you opened your accounts.
  2. The Services, your communication line, your Personal Computer or your modem was not functioning properly and you knew about the malfunction or were advised of it by us when you started the transaction.
  3. Circumstances beyond our control (such as, but not limited to, fire, power outage, equipment or technical breakdown, flood, or other outside force) prevent the proper execution of the transaction and we have taken reasonable precautions to avoid those circumstances.
  4. The funds are subject to legal process or other hold or encumbrance restricting such transfer.
  5. Your subscription to the Services, your Bank account, your account at another institution involved in the transaction or PFM service has been terminated for any reason.
  6. For any other failure or error, unless such failure or error was the result of the Bank’s gross negligence or willful misconduct.
  7. You knowingly accessed the Services without the protection and proactive use of industry accepted security methods, such as anti-virus software or firewalls, to safely store and keep your confidential information.
  8. You used unsupported browsers, a mobile phone or unprotected internet connection, such as wireless internet access, to view your Services
  9. We have reason to believe that transactions are being transacted with or without your actual knowledge that do not conform to our operating standards.

DISCLAIMER OF WARRANTIES

EXCEPT AS OTHERWISE PROVIDED HEREIN, AND SUBJECT TO APPLICABLE LAW, THE SERVICES ARE PROVIDED “AS IS” AND NEITHER WE NOR OUR SERVICE PROVIDERS MAKE ANY EXPRESS OR IMPLIED WARRANTIES, REPRESENTATIONS OR ENDORSEMENTS WHATSOEVER WITH RESPECT TO THE SERVICES. UNLESS THE DISCLAIMER OF SUCH WARRANTIES IS PROHIBITED BY APPLICABLE LAW, WE EXPRESSLY DISCLAIM ALL WARRANTIES OF ANY KIND, EXPRESS, IMPLIED OR OTHERWISE, INCLUDING, WITHOUT LIMITATION, ANY WARRANTY OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE OR NON-INFRINGEMENT, WITH REGARD TO THE SERVICE.  

INSUFFICIENT FUNDS 

If you have instructed us to make a debit for which there are insufficient available funds in your account, we may refuse to process such debit. If the debit was for an eTransfer transaction, your ability to utilize the eTransfer service may be terminated. It is your responsibility to contact us to resolve any overdraft promptly. Simply making a deposit into your account will not automatically re-establish your ability to utilize the eTransfer service. In all cases, you are responsible for making alternate arrangements for rescheduling any transfer.

 For our eTransfer Service, we reserve the right to review all circumstances on a case-by-case basis. As a general rule, we will not reinstate an eTransfer Service once it has been suspended or terminated for insufficient funds or any other reason. For all Services, such suspension, termination or reinstatement decisions are in our sole discretion. 

ELECTRONIC NOTICE: E-MAIL AND TEXT MESSAGING

  1. To the extent permitted by applicable law, any e-mail or text you send us will not be effective until we receive it and have had a reasonable opportunity to act on it. We therefore strongly suggest that you report all matters requiring immediate attention (for example, reports of alleged unauthorized payments or errors or requests for stop payments) to us by contacting us via a means noted at the end of this Agreement. We may, however, require you to provide us with confirmation of any oral or electronic stop payment request or notice of alleged error. As provided more fully in the Electronic Notifications Disclosure and Consent that you agreed to when you opened your Ivy Bank account, you agree to receive this Agreement, any and all disclosures or notices required by applicable law and all other communications, electronically to the e-mail address you designate in your profile or in other such electronic form. You also agree that we may respond to any communication you send to us with an electronic communication, regardless of whether your original communication to us was an electronic communication.
  2. E-mail and text transactions may not be secure. Therefore, we request that you do not send us, or ask for, sensitive information such as account numbers, usernames, secret passwords, social security numbers, account information or other such sensitive information via e-mail or text. You may use the Secure Email feature in Online Banking for these types of inquiries.

USER CONFIDENTIALITY/SECURITY 

We are committed to protecting the security and confidentiality of information about your account and use of the Services. We identify users by their unique security credentials, including username, password, answers to secret questions and registered computer identification. All transactions initiated with your security credentials are attributed to you. You agree not to give or make available your security credentials to any other individual, including anyone claiming to represent us. 

FRAUD PREVENTION

In order to protect yourself against fraud, you agree to adhere to the following guidelines: 

  1. Do not give out your account information, username, password, secret questions, answers to your secret questions, any PFM password, or social security number to anyone. Employees of Ivy Bank will never contact you to ask you for your password.
  2. Do not leave your Personal Computer unattended while you are using the Services. When you logoff, make sure to completely close your browser.
  3. Safeguard your account information.
  4. Do not send sensitive account information or personal information such as your account number, username, password, secret questions, answers to secret questions, PFM password or social security number via e-mail or text.
  5. Use and regularly update security tools, such as anti-virus software and firewalls, on your Personal Computer.
  6. Contact us immediately if you are concerned about information you receive from us or have concerns the security of your account.

UNAUTHORIZED USE 

Notify us immediately if you believe that your username, secret password, secret questions’ answers, or PFM secret password has been lost, stolen or otherwise compromised. As a preliminary step, you should also immediately change your secret password and/or secret question if you know these have been compromised. 

Calling us is the best way of minimizing your possible losses. If you think your username, secret password, secret questions’ answers or PFM secret password has been lost, stolen or used without your permission, contact us immediately using one of the means noted at the end of this Agreement. In addition, if you give your username, secret password, secret questions’ answers or PFM secret password to any other person, you will be deemed to have authorized that person to access any and all accounts noted in the Services. 

EQUIPMENT 

We are not responsible for any loss, damage or injury resulting from (i) an interruption in your electrical power, internet service or phone service; (ii) the disconnection of your phone service by your provider or deficiencies in the quality of your phone service; or (iii) any defect or malfunction of your Personal Computer.

AMENDMENTS TO THIS AGREEMENT 

We may amend or change this Agreement at any time in our sole discretion. If the change adversely affects you or we are otherwise required to notify you by applicable law, we will generally give you notice at least 30 calendar  days prior to the effective date of the amendment Your use of these Services after the effective date of the change will constitute your acceptance and agreement to any such change. 

ADDRESS CHANGES 

We may rely on your address, including, without limitation, your e-mail address, as it appears on our records for any and all communications we send to you unless and until you notify us in writing at the address set forth below and we have had a reasonable opportunity to act on such notice. 

SUSPENSION 

In the event of repeated failed transfers or your violation of the terms of this Agreement we reserve the right to suspend your subscription to the Services. This suspension may be without prior notice to you. If your subscription is suspended, transactions which were previously recurring or scheduled will be canceled.  

TERMINATION 

Unless otherwise required by applicable law, we may terminate this Agreement for any reason in our sole discretion without prior notice. You also have the right to terminate the services provided under this Agreement by calling us or writing to us at the telephone number or address set forth below. If you call, we may require you to put your request in writing and send it to us within ten Business Days after you call. However, termination of this Agreement will be effective the day you call. Since termination requests may take up to 30 days to process, you should cancel all outstanding transfer orders in addition to notifying us of your desire to terminate the service. We will not be liable for transfers not canceled, or transfers made due to lack of proper notification by you of service termination. If you do not access the Services, sign on to the Services or have any transaction scheduled through the Services during any consecutive 90 day period we may cancel your Services and require you to reapply through our online registration process.  

GOVERNING LAW 

The laws of the Commonwealth of Massachusetts shall govern this Agreement. In the event of a dispute regarding the Services, you and we agree to resolve the dispute by looking to the terms and conditions contained herein and disclosures you received when your account was opened, including the Deposit Agreement which includes the Electronic Funds Transfers agreement. You may request a copy these documents from us at any time. 

OUR CONTACT INFORMATION 

IVY BANK 
Electronic Banking Services 
P.O. Box 540047 
Waltham, MA02454 
855-IVY-BANK (855-489-2265)
TTY: 617.441.4111
www.ivybank.com